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Columbia City asks staff to study two TIF districts for proposed mixed-use development; road estimate $4.5M
Summary
Commissioners asked city staff to research creating separate residential and commercial tax-increment financing (TIF) districts to support a mixed-use development north of the plaza; staff cited an estimated $4.5 million road cost to be covered by infrastructure financing.
Columbia City commissioners directed city staff on Feb. 11 to research forming two tax-increment financing districts — one residential and one commercial — to support a proposed mixed-use development north of the downtown plaza.
City staff told the Redevelopment Commission that the initial infrastructure estimate for building a through road through the development parcel was about $4.5 million. Commissioners asked Greg (last name not specified) to study the legal and financial steps needed to create separate residential and commercial TIFs and to return with recommended next steps.
Why it matters: Commissioners said separate TIFs could help fund the road and other upfront infrastructure costs that make development feasible. Staff noted legislative changes in recent years have altered how legacy and new TIF districts are timed and bonded: legacy districts without bonding previously had no expiration, while most newly created districts carry a statutory term tied to bonding (staff cited a 25-year timeline after first bonding). Commissioners said they wanted the research completed so the city could determine whether bonding and revenue sharing would be needed.
Discussion highlights: Staff explained that Columbia City’s downtown and railroad TIFs historically had no bonding and therefore no time limits, but new TIFs typically will include bonding and statutory timelines. Commissioners also discussed market interest: developers and other entities have reviewed the site; one commissioner cautioned the city is not in the market for a big-box anchor like Target.
Next steps: Commission member Greg was asked to research TIF structuring and report back at an upcoming meeting. No bonding or formal district creation was approved at the Feb. 11 meeting; the commission only authorized staff research and analysis.
